The Wall Street Journal interviewed Shire Chief Executive Flemming Ornskov, who said he rejected the offer because it undervalues his company. He projects sales should reach $10 billion by 2020, more than double the $4.9 billion reached last year.

Analysts polled by FactSet expect Shire’s revenue to hit $5.8 billion this year and surpass $6.5 billion by fiscal 2016. But projections for 2020 are roughly around $8.5 billion. But Ornskov said 70% of sales will come from existing products by that point, while the remaining 30% should be comprised of drugs still in the pipeline.

Meanwhile, North Chicago, Ill.-based AbbVie is striving for an inversion deal that allows it to relocate its base overseas so it can get a lower corporate tax rate, but it appears it won’t be easy. It can still come back with another offer by July 18, but AbbVie says talks have broken off. There is no indication they will resume, though the door has yet to be closed on a transaction.

Shares of Shire jumped on Friday when AbbVie acknowledged that it had made several offers for the company, going from just above $190 at Thursday’s close to nearly $223 at the end of Friday’s session. Shares of Shire closed up 2% to $227.40. AbbVie rose less than 1%.

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